Question
3) Number the following types of accounts (1-6) as they would appear on the Trial Balance. ________ Assets ________ Capital ________ Revenue 5) A computer
3) Number the following types of accounts (1-6) as they would appear on the Trial Balance.
________ Assets
________ Capital
________ Revenue
5) A computer server system, which had cost $210,000 and had accumulated depreciation of $147,000, was traded for a new system with a fair market value of $235,000. The old system and cash of $180,000 were given for the new system. Prepare the journal entry for the exchange of these similar assets assuming the income tax method is used to record the exchange.
________ Liabilities
________ Withdrawals
________ Expenses
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